USD/CAD Potential Short Set up Wave AnalysisLook for a correction back to the Orange Box, then a great sell set up
Elliottwaveretracement
Elliott Wave View: Dow Jones Futures (YM_F) Has Resumed HigherDow Jones Futures (YM_F) broke above June 10 high (26289) suggesting that the next leg higher has started. The Index is now showing an incomplete sequence from June 3 low (24610), favoring further upside. Short term Elliott Wave view calls the rally to 26289 on June 10 as wave 1 and pullback to 25898 as wave 2. This indicates that the entire rally from June 3 low is unfolding as an impulse Elliott Wave structure. Wave 2 unfolded as a double zigzag where wave ((w)) ended at 26050, wave ((x)) ended at 26261, and wave ((y)) of 2 ended at 25898.
Wave 3 is currently in progress and subdivides as an impulse in lesser degree. Up from wave 2 low at 25898, wave (i) ended at 26153 and wave (ii) ended at 26001. Expect the Index to see a few more highs to end 5 waves up from 25898 low. This 5 waves up will end wave ((i)) of 3. Index should then pullback in wave ((ii)) to correct cycle from June 13 low before the rally resumes. We do not like selling the Index and expect buyers to appear as dips continue to hold above 25898 in 3, 7, or 11 swing
Elliott Wave View: Further Weakness in GBPUSD ExpectedShort Term Elliott wave view in GBPUSD suggests the decline from June 7 high is unfolding as an impulse Elliott Wave structure. Down from 1.276, wave (i) ended at 1.265 with internal as an impulse in lesser degree. Wave (ii) bounce ended at 1.276 as a zigzag Elliott Wave structure. Pair has now reached 200% extension within wave (iii) showing a typical extension within wave 3 of an impulse. Wave i of (iii) ended at 1.266, wave ii of (iii) ended at 1.2708, wave iii of (iii) ended at 1.257, and wave iv of (iii) ended at 1.2606.
Short term, wave v of (iii) can be complete already at 1.251 low, but so far it still does not have enough separation from the low. If pair breaks below 1.251, it doesn’t change the idea that wave (iii) should complete soon. As the third wave shows an extension, this suggests that pair should see further downside at least 1 more leg after a wave (iv) rally. Thus we don’t like buying the pair and expect pair to find sellers in wave (iv) bounce in 3, 7, or 11 swing as far as pivot at 1.276 stays intact.
Elliott Wave View: Apple (AAPL) Can See More UpsideShort Term Elliott wave view in Apple (AAPL) is calling the decline to 170.44 on June 4 as wave II. Wave III is currently in progress. Up from 170.44, Wave (1) has ended at 196.79 as a 5 waves impulse. Wave 1 ended at 184.99 and wave 2 pullback ended at 181.14. Wave 3 ended at 196, wave 4 ended at 194.57, and wave 5 ended at 196.79.
The stock is pulling back in wave (2) in 3, 7, or 11 swing to correct cycle from June 4 low. The internal of wave (2) is unfolding as a zigzag Elliott Wave structure where wave A of (2) should end with 1 more push lower into 188.46-184.42 area before a reaction higher should be seen. We dont like selling it and as long as pivot at 170.44 stays intact we expect it to extend higher.
Bearish credit call spread 85/87 June 28 for 1.16 creditTGT has clearly shown the first five parts of an elliot wave pattern, which indicate a peak and an ensued downtrend. This leads to a price target of $80 by June 27th. Max profit of $114/contract is reached at 84.72 and the breakeven is at 86.16. The maximum loss is $86/contract. This spread is 20 deltas negative, indicating our bearish sentiment. Technically, the bearish sentiment is further supported by a decreasing and negative MACD, a DMI- crossover of the DMI+, and the Parabolic Stop and Reverse indicator that switched to be over the candles.
AUD/NZD Buy Set Up!!! Potential Bullish 3rd Wave Wave AnalysisI am looking for a big push up in AUD/NZD, a 3rd wave of a 3rd wave= Money.
EUR/CHF Potential Sell Set Up Wave AnalysisLook for a break in trend line to give us more confluence of a bearish wave trend continuation
EUR/AUD Potential Long Term Sell Set Up Wave AnalysisWe could be near the end of a corrective structure that started in 2012, Look for signs of a sell off.
Elliott Wave View: Dow Jones Futures Correction to Find BuyersElliott wave view in Dow Jones Futures (YM_F) suggests that the decline to 24604 ended wave ((W)) on June 3. This decline ended the cycle from May 1 high as a 3 waves zigzag Elliott Wave structure. Wave ((X)) bounce is currently in progress to correct the cycle from May 1 high in 3, 7, or 11 swing. The internal of wave ((X)) rally is unfolding as a zigzag Elliott Wave structure. A zigzag is an ABC with 5-3-5 structure. Wave (A) of ((X)) is now in progress as a 5 waves impulse.
Up from 24604, wave 1 ended at 24938 and wave 2 pullback ended at 24684. Rally then resumes in wave 3 to 26085, wave 4 ended at 25974, and wave 5 ended at 26289. The 5 waves move higher ended wave (A) of higher degree. Short term, Index is in wave B pullback to correct cycle from June 3 low (24604) in 3, 7, or 11 swing before turning higher again in wave (C). We don’t like selling the Index. As the rally from June 3 low is impulsive, expect wave (B) pullback to hold above 24604 for at least 1 more push higher in wave (C).
Elliott Wave View Favors More Upside in Nike (NKE)Short term Elliott wave view in Nike (NKE) calls the rally from June 3 low unfolding as a 5 waves impulse Elliott Wave structure. Up from June 3 low, wave 1 ended at 78.58 and wave 2 pullback ended at 77.58. Wave 3 ended at 84.23 and subdivides as another impulse structure in lesser degree. Wave 4 pullback ended at 82.47, and wave 5 ended at 84.38 which also subdivides as an impulse in lesser degree. The 5 waves move higher ended wave (A) and the stock is now correcting cycle from June 3 low in wave (B)
The correction is proposed to unfold as a zigzag Elliott Wave structure. Potential area where wave (B) can end is 50 – 61.8% Fibonacci retracement of wave (A). This area comes at 79.69 – 80.54 where buyers can appear for more upside. We don’t like selling the stock.
Elliott Wave View: Further Strength in EURUSD Up from May 23 low, wave (i) ended at 1.1215 and wave (ii) pullback ended at 1.1115. Pair then resumes higher in wave (iii) to 1.13068, wave (iv) pullback ended at 1.12, and wave (v) of ((a)) ended at 1.1350. As wave (i) and wave (iv) overlaps, this is an example of a 5 waves leading diagonal.
Short term, pair is correcting the cycle from May 23 low within wave ((b)) in 3, 7, or 11 swing. If we assume that wave (b) is in place then potential target for wave ((b)) pullback can be measured as 100% Fibonacci extension of (a)-(b) which comes at 1.1264-1.1249 area. Buyers can appear from this area during the dips and pair can extend higher in wave ((c)). EURUSD should ideally see more upside against 1.11068 low in the sequences of 3-7 or 11 swings.
Short at the end of Wave 4NZDJPY has completed waves 1, 2, and 3 in its descent from 75.954. Wave 4 is forming and expected to retrace up to Fibo lvl 38.2 of Wave 3 (72.695). A short entry from there is possible with targets set at inverse Fibo levels 100, 123.6, and 161.8 of Wave 4 as shown on the chart.
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Elliott Wave View: Further Strength in DAX Short TermElliott wave view in DAX calls the pullback to 11625.31 as ending wave (W). This move lower ended the decline from May 3 high. The Index thus is within wave (X) rally to correct the cycle from May 3 high (12435.67) before it resumes lower again. On the chart below, we can see the rally from June 3 low (11625.31) is unfolding as an impulse Elliott Wave structure. Up from 11625.31, Wave ((i)) ended at 11744.93, wave ((ii)) ended at 11689.51, and wave ((iii)) ended at 11972 peak and wave ((iv)) at 11109 low and wave ((v)) at 12055 peak in red wave A.
It should now pullback in wave B to correct the cycle from June 3 low in 3, 7, or 11 swing before turning higher. We don’t like selling the Index.
E Mini S&P 500 Buy Set Up Elliot Wave AnalysisI am looking at the decline in the E Mini S&P 500 that started on May 1st of this year to be a corrective structure as of now. I believe the corrective structure could be coming to an end now that we have entered my kill zone(orange box). We are at the bottom of the channel which is acting as support right now. Watch for the Buy set up of what could be a nice Bullish wave to create new highs.
Elliott Wave View: Gold Should Remain SupportedElliott wave view in Gold suggests that the decline to $1269.30 low ended intermediate wave (2) pullback. Above from there, the metal is nesting higher in an impulse structure looking for more upside within intermediate wave (3).
Down from there, wave 2 unfolded as a zigzag structure where black wave ((a)) ended at $1275.90 low. Wave ((b)) ended at $1285.80 high and wave ((c)) 2 ended at $1274.79 low. Up from there, (3) is in progress in another 5 waves structure initially looking for more upside in wave (3) of 1. Afterward, metal is expected to do a pullback in 3, 7 or 11 swings. However, for now it is expected to extend further in ((iii)). We don’t like selling it as the right side tag is bullish & calling for more upside against 1274.79 low.
Gold Buy Set Up Elliot Wave + Technical AnalysisWatch as I use Elliot Wave and Technical Analysis to forecast and start to plan a trade on Gold.
Elliott Wave View: S&P 500 (SPX) Has Resumed LowerShort term Elliott Wave view on S&P 500 (SPX) suggests that it has resumed the next leg lower. The Index has ended the cycle from December 26, 2018 low after a 5 months rally. After topping at 2961.25 on May 1, 2019, it is now expected to pullback in larger 3, 7, 11 swing to correct the cycle from December 2018 low. We are calling the decline from May 1, 2019 as a zigzag Elliott Wave structure. On the chart below, we can see the bounce to 2892.15 ended wave B.
The Index has resumed lower in wave C with potential 100% extension target towards 2702.4 – 2738.4 area. The internal of wave C is unfolding as Elliott Wave impulse structure. Down from wave B at 2892.15, wave ((i)) ended at 2831.29 and wave ((ii)) ended at 2868.88. Wave ((iii)) is nesting and currently unfolding also as an impulse in lesser degree. Wave (i) of ((iii)) ended at 2805.49 and wave (ii) of ((iii)) ended at 2841.94. Near term, while rally fails below 2841.94 in the first degree, and 2892.15 in second degree, expect the Index to extend lower.
Elliott Wave View: Russell Should Extend LowerElliott Wave sequence in Russell (RTY_F) from May 6, 2019 high (1621.9) appears incomplete favoring further downside. The bounce to 1571.5 in the Index ended wave X. Index has extended lower in wave Y and broken below the previous low on May 14 low (1516.7). This suggests the next leg lower has started. The internal of wave Y is unfolding as a double three Elliott Wave structure. Down from 1571.5, wave ((w)) ended at 1492.9 as a zigzag Elliott Wave structure where wave (a) ended at 1522.1, wave (b) ended at 1548.9, and wave (c) ended at 1492.9.
Wave ((x)) bounce is now complete at 1523.90 peak while below there should extend lower. We don’t like buying the Index, and as far as pivot at May 16 high (1571.44) stays intact, expect Index to move lower. Potential target to the downside is 1441.85 – 1466.32 area where cycle from May 6, 2019 peak reaches 100% extension.
Elliott Wave View: Dow Jones Future YM_F Rally Should FailShort term Elliott Wave view on Dow Jones Future (YM_F) calls for the bounce to 25952 as wave (B). This move higher is a correction to the decline from April 24, 2019 peak.
In order to avoid a double correction in wave (B) and provide validity to this view, Dow Jones Future needs to break below wave ((i)) at 25215. However, technical analysis on US Sectors such as Financial (XLF), Technology (XLK), Consumer Discretionary (XLY) suggest they have broken lower. Thus, we think it’s likely that Dow Jones Futures also extends lower.
Therefore, we don’t like buying the Index and expect sellers to appear in 3, 7, or 11 swing as far as pivot at 25952 peak stays intact.
Elliott Wave View: Short Term Support in FTSEShort term Elliott Wave view in FTSE calls the move lower to 7150.9 on May 13 as wave A. This suggests that the move lower from April 23 is unfolding as a zigzag Elliott Wave structure. Wave B bounce is currently in progress to correct cycle from April 23 high before the Index turns lower. Internal of wave B is unfolding as another zigzag Elliott Wave structure in lesser degree.
Up from 7150.9, wave ((a)) ended at 7360.34 and wave ((b)) ended at 7267.84. Wave ((a)) unfolded as 5 waves where wave (i) ended at 7264.18 and wave (ii) ended at 7223.08. Index then resumes higher in wave (iii) which ended at 7353.51, wave (iv) ended at 7307.33. and wave (v) of ((a)) ended at 7360.34. While short term dips stay above 7269.33, expect Index to extend higher. Potential target for wave ((c)) of B comes at 100% – 123.6% extension of ((a)) which is 7477.9-7527.39. Index also should not break above May 13 at 7528.93 or else it will open further upside. If Index instead breaks below 7267.84, then either wave ((b)) is unfolding as an expanded Flat structure or wave ((c)) of B truncates and Index has turned lower.
Crude Oil Sell Set Up Wave Analysis Complex CorrectionLook for the sell set up to finish the complex W-X-Y corrective structure.
